Ovintiv (NYSE:OVV) Sees Unusually-High Trading Volume

Shares of Ovintiv Inc. (NYSE:OVV) saw unusually-high trading volume on Tuesday . Approximately 2,542,247 shares traded hands during trading, a decline of 15% from the previous session’s volume of 2,977,023 shares.The stock last traded at $45.94 and had previously closed at $45.63.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on OVV shares. Evercore ISI upgraded shares of Ovintiv from an “in-line” rating to an “outperform” rating and set a $60.00 price objective on the stock in a report on Friday. UBS Group increased their price objective on shares of Ovintiv from $69.00 to $70.00 and gave the stock a “buy” rating in a research note on Wednesday, May 15th. TD Cowen raised their price target on Ovintiv from $64.00 to $66.00 and gave the company a “buy” rating in a research note on Monday, June 10th. Citigroup boosted their price target on Ovintiv from $52.00 to $58.00 and gave the stock a “buy” rating in a research report on Monday, March 18th. Finally, Royal Bank of Canada increased their price objective on Ovintiv from $48.00 to $49.00 and gave the company a “sector perform” rating in a report on Thursday, February 29th. Five research analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $58.65.

Ovintiv Price Performance

The business has a 50-day moving average of $50.48 and a two-hundred day moving average of $47.29. The company has a current ratio of 0.52, a quick ratio of 0.52 and a debt-to-equity ratio of 0.53. The firm has a market cap of $12.37 billion, a P/E ratio of 6.37 and a beta of 2.58.

Ovintiv (NYSE:OVV) last posted its earnings results on Tuesday, May 7th. The company reported $1.44 EPS for the quarter, topping the consensus estimate of $1.32 by $0.12. Ovintiv had a net margin of 18.12% and a return on equity of 17.74%. The business had revenue of $2.35 billion for the quarter, compared to the consensus estimate of $2.58 billion. On average, sell-side analysts anticipate that Ovintiv Inc. will post 6.15 earnings per share for the current fiscal year.

Ovintiv Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Friday, June 14th will be paid a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.59%. The ex-dividend date is Friday, June 14th. Ovintiv’s dividend payout ratio is currently 16.76%.

Insider Buying and Selling at Ovintiv

In related news, Director Howard John Mayson sold 4,000 shares of Ovintiv stock in a transaction on Friday, May 31st. The shares were sold at an average price of $51.14, for a total transaction of $204,560.00. Following the completion of the transaction, the director now owns 45,279 shares of the company’s stock, valued at $2,315,568.06. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other Ovintiv news, Director Steven W. Nance sold 12,000 shares of Ovintiv stock in a transaction on Monday, May 13th. The shares were sold at an average price of $50.00, for a total value of $600,000.00. Following the completion of the sale, the director now directly owns 8,929 shares of the company’s stock, valued at $446,450. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Howard John Mayson sold 4,000 shares of the stock in a transaction dated Friday, May 31st. The stock was sold at an average price of $51.14, for a total transaction of $204,560.00. Following the transaction, the director now directly owns 45,279 shares in the company, valued at approximately $2,315,568.06. The disclosure for this sale can be found here. Insiders own 0.97% of the company’s stock.

Institutional Trading of Ovintiv

Several hedge funds have recently bought and sold shares of the business. Westfield Capital Management Co. LP raised its stake in shares of Ovintiv by 3.2% in the fourth quarter. Westfield Capital Management Co. LP now owns 1,447,248 shares of the company’s stock worth $63,563,000 after purchasing an additional 44,241 shares during the last quarter. TD Asset Management Inc lifted its stake in Ovintiv by 176.3% during the 4th quarter. TD Asset Management Inc now owns 46,149 shares of the company’s stock valued at $2,027,000 after acquiring an additional 29,449 shares in the last quarter. International Assets Investment Management LLC grew its stake in shares of Ovintiv by 1,202.0% in the 4th quarter. International Assets Investment Management LLC now owns 13,879 shares of the company’s stock worth $610,000 after acquiring an additional 12,813 shares in the last quarter. Toronto Dominion Bank raised its holdings in shares of Ovintiv by 15.5% in the third quarter. Toronto Dominion Bank now owns 761,303 shares of the company’s stock valued at $36,215,000 after purchasing an additional 101,978 shares during the last quarter. Finally, Vanguard Group Inc. lifted its position in shares of Ovintiv by 10.1% during the third quarter. Vanguard Group Inc. now owns 27,029,983 shares of the company’s stock valued at $1,285,816,000 after purchasing an additional 2,484,554 shares in the last quarter. Institutional investors and hedge funds own 83.81% of the company’s stock.

Ovintiv Company Profile

Ovintiv Inc, together with its subsidiaries, explores, develops, produces, and markets natural gas, oil, and natural gas liquids in the United States and Canada. The company operates through USA Operations, Canadian Operations, and Market Optimization segments. Its principal assets include Permian in west Texas and Anadarko in west-central Oklahoma; and Montney in northeast British Columbia and northwest Alberta.